Question 1

How is the monthly mortgage payment calculated?

Accepted Answer

The monthly payment M is computed with the standard amortization formula: M = P × [i(1+i)^n] / [(1+i)^n − 1], where P is the loan principal (purchase price minus down payment), i is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. MyLoanPlans runs this calculation entirely in your browser, so results are instant and private.

Question 2

How do extra payments save interest?

Accepted Answer

Every extra dollar you pay goes directly toward principal. A lower principal means less interest accrues the following month, which means more of your regular payment goes to principal — a snowball effect. Even a modest recurring extra payment (e.g., $200/month on a 30-year mortgage) can save tens of thousands of dollars in interest and cut years off your loan. Use the 'Recurring Extra Payment' and per-row 'Extra Payment' fields in the amortization table to model any scenario.

Question 3

Is my data private and secure?

Accepted Answer

Yes. MyLoanPlans runs entirely in your browser. All calculations happen locally using JavaScript, and your loan details are saved only to your browser's localStorage — no data is ever sent to a server, logged, or shared. Clear your browser storage and it's gone.

Question 4

Can I export the amortization schedule to Excel or CSV?

Accepted Answer

Yes. Click the 'Export' button in the Amortization Schedule section to download the full schedule (month, payment, principal, interest, extra payment, remaining balance) as either a CSV file or an Excel-compatible XLS file. The export includes all one-time extra payments you've entered.

Question 5

Can I compare multiple loan scenarios?

Accepted Answer

Yes. Use the plan switcher at the top of the calculator to create and save multiple loan plans — for example, comparing a 15-year vs. 30-year mortgage, or different interest rates. Each plan has its own inputs, amortization schedule, and payment history. Plans are persisted locally in your browser.